Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $100,000
To Notes payable A/c $100,000
(Being the issuance of the note payable is recorded)
For recording this transaction, we debited the cash account as it increases the asset and credited the note payable account as it also increases the liabilities account
Answer:
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Explanation:
Answer:
The acquisition cost is $38140
Explanation:
acquisiton cost = invoice price + applicable sales tax - cash discount + freight paid + cost of insurance + installation cost +testing and adjusting costt
= $34000 + $2000 - $400 + $260 + $125 + $2000 + $425
= $38410
Therefore, The acquisition cost is $38140.
Answer:businesses have more incentives to keep prices low
Explanation:apex
Answer:
Net operating income= 88,000
Explanation:
Giving the following information:
Selling price= $20
Unitary variable cost= 20*0.3= 6
Fixed costs= $10,000
Units sold= 7,000
<u>We need to calculate the net operating income:</u>
Sales= 20*7,000= 140,000
Variable cost= 6*7,000= (42,000)
Contribution margin= 98,000
Fixed costs= (10,000)
Net operating income= 88,000